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Here Are Today’s ICO Losers: Cofound.it (CFI) and SunContract (SNC)

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Bitcoin may be making fresh all-time highs in and around $10,000 but this doesn’t mean that every crypto asset is enjoying a similar run. A number of the less well-known tokens have taken a real hit over the last 24 hours and are struggling to combat negative sentiment.

Can these tokens turn around and recover near-term or is the action we are seeing symptomatic of a longer-term shift in perception from and by the markets that control price?

Let’s take a look.

The two companies and tokens that are suffering today and – as a result – have qualified for a place on this list are Cofound.it (CFI) and SunContract (SNC).

We will kick things off with CFI.

This one actually made one of our ICO movers lists yesterday but for very different reasons – the token had gained considerably during the early week and was one of the biggest movers that we highlighted as part of our positive coverage on the space on Monday.

Today, however, and specifically over the last 24 hours, things have turned around.

CFI currently trades for a close to 30% discount to its price this time yesterday and is one of the biggest losers of the day in the ICO market.

So what’s causing this action?

Well, right now, there is an ongoing event that is being conducted by Cofound.it and it’s a sort of incubator type event. Basically, the company has chosen a number of participant ICO’s and is seeking to fund these ICO’s by way of a sort of crowd sale type model, but one that is filtered through its own platform so as to (according to Cofound.it) ensure quality and interest on both sides of the equation.

It’s a noble cause and it is one that could prove rewarding for everybody involved but, right now, it’s early days, so it’s tough to say whether this sort of model will translate to crypto or not.

With that said, however, we think sentiment remains strong on this one. Sure, the token is down around 30% on the last day or so but this decline is likely more symptomatic of shorter-term profit-taking than it is of a longer-term reversal in sentiment.

As such, we expect CFI to turn around once more and returned to its overarching upside trend.

Moving on, SNC.

This one, as its name hints at, was set up to tackle the increasing problem of energy payments and – specifically – renewable energy payments in the solar sector. Basically, it’s an open energy market type platform. The platform employs blockchain technology to keep track of and monitor transactions in the energy market and, in doing so, is this hope designed to potentially reduce the amount people pay for their energy going forward.

It still in its early days, we just got word that the first real-world implementation of a home set up as paying for its entire energy demands in SNC is in place (in Slovenia) and this has served to validate the concept – a big step forward for the company behind SNC, SunContract.

Despite this, however, SNC tokens currently trade for a 26% discount to their price just 24 hours ago.

So why the decline?

Again, we think this action is very much symptomatic of profit-taking on the back of the recent positive news. When you expend the time frames to seven days and 30 days, SNC is up 66% and 124% respectively.

On the back of this, we can also say that we expect SNC to resume its longer-term uptrend near-term making it a potential discount buy at current prices.

We will be updating our subscribers as soon as we know more. For the latest updates on CFI and SNC, sign up below!

 

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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